Let’s be honest, remembering to pay your recurring bills and expenses is not the most exciting task in the world. What if there was a way to automate your large business expense payments similar to the way your phone bill, Netflix or Spotify subscription are paid?
Automate bill pay with Reap Payment Schedule
Now with Reap, you can pay your recurring invoices — rent, suppliers, utilities, salary, mortgage or any other expenses — directly through your credit card automatically based on a schedule of your choice. This means a hands-free expense management process for you, a more predictable and consistent experience for your suppliers, and less work for everyone involved.
Advantages of automating expense payments
Recurring payments allows you to set and forget the numerous recurring transactions required to operate your business.
Convenience: By setting all of your expenses to be paid automatically, you do not have to juggle multiple invoices with varying due dates and payment terms. Once a payment schedule is set, you can forget it as your credit card will handle everything in the background.
Baked in payment terms: You would be able to use your credit card as a short-term financing solution in case of temporary cash shortage.
Insights and analytics: Knowing exactly when expense payments are made makes it easier to forecast future cash outflow leading to better business insights. If you’d like to better understand how you can use cash flow to manage your business, check out our blog and template for calculating cash flow.
Save the environment: Paper bills and writing checks have a severe negative impact on the environment. Digital payments would safe paper, trees and reduce your overall carbon footprint on the environment.
Save money: As a business, you’ll reduce the cost associated with paying for checks, stamps, envelopes and trips to the post office by paying your bills online.
Improve your credit score: You’ll reduce the number of late, missed or delinquent business payments and help boost your credit score so you are in a better position to access credit if needed.
Protect your identity: Credit cards offer far better protection for you compared to bank transfers or checks. You reduce the risk of identity theft when you no longer have to mail checks or mail paper statements. For example, if you see an unfamiliar transaction on your credit card statement, you can always raise a dispute with your bank.
Better notifications and alerts: With automated credit card payments, there are more channels to remind you of upcoming, completed or even cancelled payments.
For your suppliers and billers:
Save time: They’ll spend less time chasing you for late/delinquent payment and have more predictability on when they’ll get paid.
Consistent on-time payments: Establish better relationship, trust and stability in receiving payment for goods and services.
Payment schedules provide numerous advantages when managed appropriately: saving time for you and your suppliers, reducing late fees and most importantly giving you more headspace to focus on more high impact business objectives. Even if some of your monthly expenses are usage based and highly variable, you should think about how you can streamline a portion of your expense payment process — you would be surprised how many of them are actually recurring in nature.